Forensic report into Steinhoff finances delayed

A forensic report into the finances of Steinhoff by auditors PwC has been postponed until the end of February 2019.

Steinhoff had hoped that PwC’s independent forensic probe would be complete before the end of the year so that it could publish its latest verified financial reports.

But in a statement on Thursday morning the Stellenbosch-headquartered retail conglomerate said the investigative process has been “significantly more complex than initially anticipated, with multiple workstreams operating across a number of jurisdictions”.

“The investigation is substantially complete but more time is required to finalise a number of follow up work streams.
The investigation is now expected to be complete by the end of February 2019, with the final report being available to the company shortly thereafter.”

It now expects to receive the report at the end of February.

“The company now estimates that it will publish its group audited financial statements for 2017 and 2018 by the middle of April 2019. The 2017 and 2018 financial statements for Steinhoff Investment Holdings will be released shortly thereafter.”

Steinhoff’s share price has plunged by over 95% since its former CEO Markus Jooste abruptly resigned a year ago, erasing tens of billions of rands in shareholder value. — Fin24